The RBS privatisation is set to be Osborne's version of selling off the gold

There needs to be pressure on Osborne to state what success looks like in respect to the £37 billion investment the Government made in two banks, writes VMC Rosario.

A couple of tweets crossed my timeline this morning about a piece from the Guardian last month by former Labour MP Chris Mullin arguing that a readjustment to restore the balance in Gordon Brown reputation. In it he argues that Brown’s handling of the crisis was world leading:

It was the British government's decision, announced on 8 October 2008, to take a controlling interest in three major banks that prompted the Europeans, followed quickly by the Americans, to do likewise. Indeed, the Europeans made no secret of this. A few days after the British had acted Brown was invited to address the 15 eurozone heads of government.

How we view the decisive action Gordon and Alastair took on the banks will be coloured by the decisions the current Chancellor, George Osborne, takes on the publicly-held stakes in Lloyds TSB and RBS either later this month in his Budget statement (or later this year as the Spending Review and possible Winter Statement come into view).

It’s clear that some sort of decision is being put together in haste. Stories in media earlier this month were that Osborne was doing some clarification about how the Government could divest its stock: either if a share price of 73.6p has been reached for a given period of time or the Government has sold at least 33% of its shareholding at prices above 61p.

This week the Governor of the Bank of England, Mervyn King, told the Banking Standards Commission that the Government should sell the banks:

The whole idea of a bank being 82 per cent-owned by the taxpayer, run at arms’ length from the Government, is a nonsense.

It cannot make any sense. I think it would be much better to accept that it should have been a temporary period of ownership only, to restructure the bank and put it back.

That has certainly piled pressure on Osborne to act. Now it seems Treasury ministers are planning to stage a "Tell Sid"-style cut price sell-off of shares to the public. That Policy Exchange are going to pronounce on the idea in a couple of weeks time gives it credence but it could potentially give Osborne a distracting announcement for an otherwise depressingly meagre Budget statement.

Osborne has form on doing something seemingly clever but ultimately foolish. Still, if he does go with a public sell-off he can take comfort in the cover the Liberal Democrat-leaning think tank Centre Forum will have given him in floating something similar but crucially different last year. Tim Montogomerie was picking up something similar even earlier.

Eye-catching ideas to one side there needs to be pressure on Osborne to state what success looks like in respect to the £37 billion investment the Government made in these two banks.

With banks "stabbing businesses in the back" in respect to lending, the banking reform bill still in draft and the banking standards commission still considering a wide range of issues relating the banks, playing politics with £37 billion looks like an awfully big risk.

This is especially true given just how Osborne has made considerable mileage out of bashing Gordon Brown for costing the taxpayer "£9 billion by selling the gold cheap".  If the now-Chancellor was keen for the taxpayer to pay attention to the bottom line then he should expect just as much scrutiny this time around.

Secondly, a public sell off which puts money in the hands of ordinary people is potentially something Labour should applaud, if a fair investment can actually be shown to reach ordinary people. Frankly if the chief executive of Lloyds TSB is going to make £1.4m out of any share sell-off, then it has got to be worth more that a token gesture for "Sid".  That’s especially important when saving the banks has overall cost every man, woman and child £20,000.

Labour should be holding Clegg and Cable to the principle that any effort should "socialise the profit" and ensure that the Government (in serious need finance-wise) does not sell the family silver off cheap.

If after investing £37bn to save banks there is nothing but a continuing litany of appalling behaviour when it comes to bonuses, Libor, bank charges, and lending—not to mention the lack of visible reform— then George and David will need to be clear about what they’ve achieved in finishing what Gordon and Alistair needed to start. 

Photograph: Getty Images.

V M C Rozario is a pseudonymous former housing professional and a member of Generation Rent.

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If there’s no booze or naked women, what’s the point of being a footballer?

Peter Crouch came out with one of the wittiest football lines. When asked what he thought he would have been but for football, he replied: “A virgin.”

At a professional league ground near you, the following conversation will be taking place. After an excellent morning training session, in which the players all worked hard, and didn’t wind up the assistant coach they all hate, or cut the crotch out of the new trousers belonging to the reserve goalie, the captain or some senior player will go into the manager’s office.

“Hi, gaffer. Just thought I’d let you know that we’ve booked the Salvation Hall. They’ll leave the table-tennis tables in place, so we’ll probably have a few games, as it’s the players’ Christmas party, OK?”

“FECKING CHRISTMAS PARTY!? I TOLD YOU NO CHRISTMAS PARTIES THIS YEAR. NOT AFTER LAST YEAR. GERROUT . . .”

So the captain has to cancel the booking – which was actually at the Salvation Go Go Gentlemen’s Club on the high street, plus the Saucy Sporty Strippers, who specialise in naked table tennis.

One of the attractions for youths, when they dream of being a footballer or a pop star, is not just imagining themselves number one in the Prem or number one in the hit parade, but all the girls who’ll be clambering for them. Young, thrusting politicians have similar fantasies. Alas, it doesn’t always work out.

Today, we have all these foreign managers and foreign players coming here, not pinching our women (they’re too busy for that), but bringing foreign customs about diet and drink and no sex at half-time. Rotters, ruining the simple pleasures of our brave British lads which they’ve enjoyed for over a century.

The tabloids recently went all pious when poor old Wayne Rooney was seen standing around drinking till the early hours at the England team hotel after their win over Scotland. He’d apparently been invited to a wedding that happened to be going on there. What I can’t understand is: why join a wedding party for total strangers? Nothing more boring than someone else’s wedding. Why didn’t he stay in the bar and get smashed?

Even odder was the behaviour of two other England stars, Adam Lallana and Jordan Henderson. They made a 220-mile round trip from their hotel in Hertfordshire to visit a strip club, For Your Eyes Only, in Bournemouth. Bournemouth! Don’t they have naked women in Herts? I thought one of the points of having all these millions – and a vast office staff employed by your agent – is that anything you want gets fixed for you. Why couldn’t dancing girls have been shuttled into another hotel down the road? Or even to the lads’ own hotel, dressed as French maids?

In the years when I travelled with the Spurs team, it was quite common in provincial towns, after a Saturday game, for players to pick up girls at a local club and share them out.

Like top pop stars, top clubs have fixers who can sort out most problems, and pleasures, as well as smart solicitors and willing police superintendents to clear up the mess afterwards.

The England players had a night off, so they weren’t breaking any rules, even though they were going to play Spain 48 hours later. It sounds like off-the-cuff, spontaneous, home-made fun. In Wayne’s case, he probably thought he was doing good, being approachable, as England captain.

Quite why the other two went to Bournemouth was eventually revealed by one of the tabloids. It is Lallana’s home town. He obviously said to Jordan Henderson, “Hey Hendo, I know a cool club. They always look after me. Quick, jump into my Bentley . . .”

They spent only two hours at the club. Henderson drank water. Lallana had a beer. Don’t call that much of a night out.

In the days of Jimmy Greaves, Tony Adams, Roy Keane, or Gazza in his pomp, they’d have been paralytic. It was common for players to arrive for training still drunk, not having been to bed.

Peter Crouch, the former England player, 6ft 7in, now on the fringes at Stoke, came out with one of the wittiest football lines. When asked what he thought he would have been but for football, he replied: “A virgin.”

Hunter Davies is a journalist, broadcaster and profilic author perhaps best known for writing about the Beatles. He is an ardent Tottenham fan and writes a regular column on football for the New Statesman.

This article first appeared in the 01 December 2016 issue of the New Statesman, Age of outrage